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Build the
FUTURE through
SUSTAINABLE
POWER.
REPORT AND FINANCIAL STATEMENTS
OF ENEL SPA AT DECEMBER 31, 2024
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Beyond Reports: Enel’s Graphic Journey to a Sustainable Tomorrow
The graphic design of Enel’s 2024 corporate reporting project powerfully reflects our
commitment to building a better future.
The design featured in this publication underscores our strong commitment to translating our
Purpose “Build the future through sustainable power” into concrete actions.
Specifically, we are dedicated to actively shaping a better tomorrow by reducing environmental
impact through clean, innovative, and responsible energy solutions for future generations.
Our visual narrative is crafted to express Enel’s commitment to our long term aim and how we
embody our core values: trust, innovation, flexibility, respect, and proactivity. We build trust
within our teams and with our stakeholders through clear communication and a focus on
our customers. By fostering curiosity and a practical approach, we drive innovation to meet
changing needs and create sustainable solutions. Our ability to adapt enables us to seize new
opportunities in a rapidly changing world, while our respect for individuality and inclusivity
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shaping a sustainable future.
As a result, every element of our corporate reporting resonates with Enel’s commitment and
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sustainable future.
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REPORT AND FINANCIAL
STATEMENTS OF ENEL SPA
AT DECEMBER 31,
2024
Graphics
Paolo Scaroni
Chairman
Flavio Cattaneo
Chief Executive Officer
and General Manager
LETTER TO
SHAREHOLDERS
AND OTHER
STAKEHOLDERS
4
REPORT AND FINANCIAL STATEMENTS 2024 | ENEL SPA Letter to shareholders and other stakeholders
Dear shareholders and stakeholders,
In 2024, Enel continued its path along the strategic
guidelines outlined last year: (i) profitability, flexibility
and resilience, (ii) effectiveness and efficiency, (iii) fi-
nancial and environmental sustainability, achieving a
more solid and balanced financial structure, essential
for long-term growth and value creation.
With a workforce of over 60,000 employees, Enel
confirmed its position as the world’s largest renewa-
ble energy operator
1
, with around 66 GW of managed
capacity, as well as the world’s largest electricity distri-
bution company,
1
serving about 68.5 million end users.
It also has the largest customer base,
1
with over 55
million electricity and gas customers.
1. Group of reference: listed companies not predominantly state-owned.
In line with our strategy, we have defined our purpose
to “Build the future through sustainable power” and
the vision to “Drive electrification, fulfilling people’s
needs and shaping a better world”. We contribute to
decarbonization and lead the electrification process
of final consumption through innovative technologies
and reliable services, while remaining focused on our
core business: the generation, distribution and sale of
energy in a way that is sustainable from a financial, en-
vironmental and social point of view.
Enel has an integrated approach to enable a fair and
inclusive energy transition which puts local commu-
nities, institutions, suppliers, customers, workers and
shareholders at the core of its strategy to create
shared value in the long term, while being strongly
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5
68.5 million
End users
Letter to shareholders and other stakeholders REPORT AND FINANCIAL STATEMENTS 2024 | ENEL SPA
66 GW
Managed capacity
committed to safety and human rights. Furthermore,
we invest in training and refresher programs and pur-
sue the goal of creating sustainable production pro-
cesses, reducing the need for critical raw materials
through innovative solutions and processes, drawing
on the skills of around 7,500 qualified suppliers.
Finally, our commitment to sustainability is strength-
ened by a solid governance model, ensuring trans-
parency, integrity and responsibility in managing cor-
porate activities. The focus on sustainability is also
confirmed by our consistent inclusion in the world’s
main sustainability rankings and indexes.
The macroeconomic environment
The global economy proved resilient in 2024, despite a
volatile environment fueled by persistent geopolitical
uncertainties and the slow normalization of monetary
policies.
The main economies recorded different growth rates:
economic performance remained solid and above ex-
pectations in the United States, mainly supported by
the resilience of consumption and investment growth;
economic activity in the euro area showed a slight im-
provement, although lower than expected due to the
weakness of domestic demand. Finally, post-COV-
ID-19 growth in Latin America took place in a hetero-
geneous macroeconomic environment, also impacted
by political discontinuities in some states. For the most
important economies, including Brazil, public debt, in-
terest rate developments and exchange rate policies
represent key elements for the evolution of macroe-
conomic variables.
During 2024, the European gas market showed high
volatility while uncertainties in supplies together with
the recovery of Asian demand led to a marked increase
in prices in the last quarter, with stocks at non-alarm-
ing levels. At the same time, coal market prices de-
clined, due to lower availability and the growth of
renewable generation, while the price of Brent oil de-
creased slightly due to the increase in US production
and the stability of global supply. The price of CO
2
also
decreased within the Emission Trading System (ETS),
reflecting both lower industrial activity in Europe and
greater use of renewable energy sources.
Lower gas prices in Italy and Spain in the first part of
2024 and higher renewable generation have normal-
ized market developments contributing to a year-on-
year reduction in the price of electricity of 15% and
28%, respectively.
Copper and aluminum prices rose by about 8% year-
on-year, due to both an increase in demand linked to
the energy transition and the global industrial recovery
and supply issues, including social tensions in Chile and
Peru and environmental restrictions in China. On the
other hand, metals most closely linked to renewable
technologies, such as lithium and polysilicon, reached
historic lows in the final months of the year, both re-
flecting increased supply and lower-than-expected
demand, highlighting the market readjusting process.
Performance
Enel’s 2024 financial year ends with solid results and
the achievement of the annual targets communicat-
ed to the market, with ordinary EBITDA at €22.8 bil-
lion and ordinary net profit at €7.1 billion, up 3.8% and
approximately 10% respectively compared to 2023.
The dividend to be proposed to shareholders for 2024
amounts to €0.47 per share, approximately 9% higher
than 2023, in line with the provisions of the 2025-2027
Strategic Plan. Net debt is equal to €55.8 billion, down
7% compared with the previous year, with an improve-
ment in the net debt/EBITDA ratio from 2.7x to 2.4x,
which places Enel at the top of global utilities in terms
of solidity of capital structure and allows us to evaluate
incremental growth opportunities.
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Letter to shareholders and other stakeholders
6
REPORT AND FINANCIAL STATEMENTS 2024 | ENEL SPA
Main events
Enel continues its growth path in energy generation
from renewable sources. In 2024, it built around 4.0
GW of new renewable capacity (of which around 1.3
GW of battery storage), reaching a total installed ca-
pacity of around 66 GW, generating 148 TWh/year.
The focus stays on distribution grids through signif-
icant investments in resilience, quality and digitaliza-
tion, as required by both the energy transition process
and the increasingly frequent weather events linked to
climate change.
Furthermore, to manage emergencies related to ex-
treme weather events, such as those that occurred
during the year in Brazil, Chile and Italy, we have ac-
tivated emergency protocols that ensure an effective
and immediate response, leveraging our international
dimension to promptly mobilize expert resources from
all countries where we are present.
As regards the role of grids in the energy transition,
the distributed renewable capacity connected to our
networks totals 78 GW, coming from about 2.4 million
producers and prosumers,
2
of which 411,520 added in
2024.
In particular, thanks to an investment planning strate-
gy and favorable regulatory schemes, over €3.5 billion
were invested in Italy in 2024, of which approximately
€900 million from the National Recovery and Resil-
ience Plan funds (NRRP), allowing, among other things,
to achieve distributed renewable capacity of 1.43 GW,
higher than the NRRP target of 924 MW.
Finally, the awareness of the importance of invest-
ments in the resilience, modernization and digitaliza-
tion of distribution grids has led Italy to extend exist-
ing electricity distribution services concessions, for a
maximum period of 20 years, against the provision of
extraordinary multi-year investment plans.
3
2024 was a year of changement for the Enel X Global
Retail commercial division: its organizational structure
2. A “prosumer” (a blend word of “producer” and “consumer”) is an individual or a company that not only consumes goods or services, but also
produces them, e.g. by installing photovoltaic panels to generate electricity.
3. Article 1, paragraphs 50-55, of Law 207 of December 30, 2024 (Budget Law 2025).
4. Reduction in new commercial complaints per 10,000 customers.
5. Includes Global Information & Communication Technologies, Global Procurement, Global Real Estate and General Services and Workforce
Evolution.
was renewed and strengthened to address increasing
market competitiveness and better meet customer
needs. The offer of e-mobility business models was
simplified, rationalizing the geographical presence
and confirming Enel as one of the main players in the
sector.
During the year, the division worked to increase and
retain its customer base by defining a portfolio of
innovative solutions (e.g. virtual solar, flexibility) and
bundle offers (commodities, products and services),
including electric vehicle charging in residential, cor-
porate and public areas. The Enel X Global Retail divi-
sion continued to improve the customer experience,
reducing commercial complaints by 8%
4
compared
with the previous year and strengthening its commer-
cial channels.
To support our commercial strategy, we have im-
proved external communication with ads aimed at
strengthening our brand image as a long-standing,
closer-to-customers, reliable and quality company.
Finally, a new governance was introduced at Group
level allowing the commercial strategy to be defined
and shared with the Global Energy and Commodity
Management and Chief Pricing Officer and Enel Green
Power and Thermal Generation divisions, ensuring the
optimization and monitoring of the Groups integrated
margin along the entire value chain.
Enel Global Services
5
continued the Company’s digital
transformation journey, focusing on advanced solu-
tions and technologies, such as Artificial Intelligence,
with a training program aimed at providing all em-
ployees with the tools to navigate the AI opportunities
and risks. At the same time, the Procurement unit has
placed financial and environmental sustainability at the
core of the procurement strategy. Through efficiency
and simplification, it has guaranteed the timely availa-
bility of goods, works and services, ensuring flexibility
and competitive prices.
In line with the Paris Agreement, we continue our de-
carbonization journey, aiming to reach zero emissions
Letter to shareholders and other stakeholders
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Letter to shareholders and other stakeholders
7
REPORT AND FINANCIAL STATEMENTS 2024 | ENEL SPA
in all Scopes by 2040. In 2024, absolute direct and
indirect greenhouse gas emissions along the entire
value chain amounted to approximately 70 MtCO
2eq
,
down by 26% compared with 2023, in line with the
objectives certified by the Science Based Targets in-
itiative (SBTi).
In 2024, we issued bonds for a total of €4.5 billion, in
line with the financial strategy to optimize the cost of
capital needed for the industrial investments of the
2024-2026 Strategic Plan. Of this amount, the equiv-
alent of €3.6 billion were Sustainability-Linked Bonds
placed on the European and US markets, based on
Key Performance Indicators (KPIs) that confirm Enel’s
commitment to the energy transition, in line with the
environmental and financial sustainability pillar of
our strategy; more specifically, the interest rates on
each issue were related to the achievement of both
the Sustainability Performance Targets (SPT) linked to
the “Capex aligned with the EU taxonomy (%)” and the
“Scope 1 GHG emissions Intensity related to Power
Generation (gCO
2eq
/kWh)” .
As regards financing with development banks and ex-
port credit agencies, in 2024 Enel signed loans for a
total of about €1 billion, further diversifying its sources
of financing at lower-than-market prices.
Consistent with the objectives of reducing debt and
strengthening the capital and financial structure, the
divestment plan was completed in 2024 with a view to
portfolio rotation focused on maximizing the assets
value and seizing growth opportunities.
More specifically, disposal transactions include the
completion of the sale in Peru of the distribution and
generation company Enel Distribución Perú SAA, the
advanced energy services company Enel X Perú SAC
and the electricity generation company Enel Gener-
ación Perú SAA, as well as the sale by Enel Italia to Sos-
teneo of a 49% stake in Enel Lybra Flexsys, a company
established by Enel for the implementation and oper-
ation of a portfolio of projects mainly including Battery
Energy Storage Systems (BESS). In Italy, the subsidiary
e-distribuzione finalized the sale of 90% of the share
capital of Duereti Srl, a corporate vehicle benefiting
from the transfer of electricity distribution activities in
a number of municipalities in the provinces of Milan
and Brescia, to A2A SpA.
6. Of the Group core countries (Italy, Spain, Brazil, Chile, Colombia, the United States).
As regards acquisitions, through Endesa Generación,
we signed in Spain the agreement to buy 100% of Cor-
poración Acciona Hidráulica SL, a company of the Ac-
ciona Group owning 34 Spanish hydroelectric plants
with installed capacity of over 600 MW, in order to con-
solidate our leading role in renewables at a global level.
Finally, in line with the strategy on stewardship pre-
sented to the market, Endesa subsidiary Enel Green
Power España finalized the sale to Masdar of a stake
of 49.99% in Enel Green Power España Solar 1 (EGPE
Solar), owner of photovoltaic plants in Spain with to-
tal installed capacity of about 2 GW. Enel will maintain
control of EGPE Solar consolidating the joint venture,
and will purchase 100% of the energy generated by
the photovoltaic plants through long-term Power Pur-
chase Agreements.
Strategy and forecasts for 2025-2027
The Strategic Plan for 2025-2027 confirmed the stra-
tegic pillars of the previous Plan:
profitability, flexibility and resilience, pursuing value
creation through selective capital allocation to opti-
mize the Enel Group’s risk/return profile, while keep-
ing a flexible approach;
effectiveness and efficiency, pursuing the contin-
uous optimization of processes, activities and the
product and services portfolio, strengthening cash
generation and developing innovative solutions to
increase the value of existing assets;
financial and environmental sustainability to main-
tain a solid structure, ensure the flexibility needed
for growth and address the challenges of climate
change.
Gross capex in the three years is set at about €43
billion, allocated to the different geographical areas
based on their contribution to EBITDA.
More specifically, capex in Grids is set at about €26
billion, up by 40% compared with the previous Plan,
to improve the resilience, digitalization and efficiency
of the distribution network. As a result we expect the
Regulated Asset Base (RAB)
6
to reach about €52 billion
in 2027, from about €42 billion in 2024, with the con-
tribution of Grids to the Group ordinary EBIDTA stand-
ing at about 40% in the same year.
Letter to shareholders and other stakeholders
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Letter to shareholders and other stakeholders
8
REPORT AND FINANCIAL STATEMENTS 2024 | ENEL SPA
Capex in Renewables is set at about €12 billion to add
12 GW of capacity in the next three years, to a total of
76 GW of installed renewable capacity in 2027. The in-
vestment strategy provides for: (i) a flexible capital allo-
cation, evaluating both the possibility of building new
plants and the opportunity to acquire assets already
in operation (brownfield), depending on the return on
investment timeframe and the regulatory and market
frameworks of the different countries; (ii) a selective
approach aimed at maximizing returns and minimizing
risks; (iii) improved technologies, with over 70% of new
capacity from onshore wind and programmable tech-
nologies (hydro and batteries).
Capex in the Retail segment is set at about €2.7 bil-
lion, of which 85% in in countries where we have an
integrated presence, offering a portfolio of bundled
solutions with energy, products and services. The cus-
tomer base in the free electricity market in Italy and
Spain is expected to grow to over 19 million in 2027.
As regards environmental sustainability, we intend
to continue with the reduction of direct and indirect
greenhouse gas emissions, in line with the Paris Agree-
ment and the 1.5 °C scenario, as certified by the SBTi.
Cumulative Group ordinary EBITDA over the Plan peri-
od is expected to exceed €70 billion, of which approx-
imately 90% will derive from regulated or contracted
activities, reducing risks and improving visibility on fu-
ture performance and therefore EBITDA quality.
Group ordinary EBITDA is expected to grow to between
€24.1 and €24.5 billion in 2027 – with a Compound Av-
erage Growth Rate (CAGR) of about 7% compared with
€17.3 billion in 2022 – while Group net ordinary income
is expected to increase to between €7.1 and €7.5 bil-
lion, with a CAGR of about 11% compared with €4.3
billion in 2022.
Finally, the net financial debt/EBITDA ratio is expected
to stand at around 2.5x at the end of the Plan period,
remaining below the sector average.
As regards shareholders’ remuneration in the three-
year period, the dividend policy has been revised up-
wards with a new minimum annual fixed DPS of €0.46
and a potential further increase up to a payout of 70%
on the Group net ordinary income. Compared to the
previous dividend policy, the constraint of achieving
cash flow neutrality has also been removed.